Blockchain Report — 12/12/2018

Summary: Coinbase Launches “12 Days Of Coinbase” Initiative; Samsung Is Developing A Cryptocurrency Wallet For Bitcoin And Ethereum Tokens; Security Chief Of DTCC Calls Blockchain A “Systemic Risk”

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Coinbase Launches “12 Days Of Coinbase” Initiative

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According to Coinbase, Coinbase has decided to launch an initiative called “12 days of Coinbase”. The website states that “Each day at noon PST we’ll announce new features, support for new cryptocurrencies, and more.”

The 12 day of Coinbase will go from December 10 to December 21. For the first day, Coinbase announced that users can now purchase electronic giftcards using cryptocurrency. These giftcards are available for a variety of different products, including Uber, Nike, and others.

This was done through a partnership between Coinbase and and the startup WeGift. Customers who buy electronic gift cards will also receive a bonus on the card of up to 10%.

For the second day of Coinbase, the company announced that they are donating $10,000 in Zcash to Venezuelan families in need. The project will give $1 US. dollars worth of Zcash directly to 100 families every day for 3 months. This was done in partnership with GiveCrypto.org, which was created by Coinbase’s CEO Brian Armstrong.

Samsung Is Developing A Cryptocurrency Wallet For Bitcoin And Ethereum Tokens

According to SamMobile, Samsung is developing a cryptocurrency wallet and it is likely that the cryptocurrency wallet will come included with the Galaxy S10. The digital wallet that Samsung is creating will have two separate parts.

The first part of the digital wallet will be a cold wallet for storing cryptocurrency, as well as public and private keys. It will also have a separate wallet for cryptocurrency transfers, allowing you to view account information and transaction history.

Samsung’s cold wallet app will allow users to import their existing wallets from third-party services such as MetaMask or TrustWallet. The wallet will at first provide support for Bitcoin, Bitcoin Cash, and Ethereum tokens but may include support of other types of cryptocurrencies in the future.

The Samsung Bitcoin wallet will require users to enter a PIN and a fingerprint in order to open the wallet. This will provide a stringent security measure to the wallet to ensure that only the wallet’s owner can open the digital wallet.

Security Chief Of DTCC Calls Blockchain A “Systemic Risk”

According to Forbes, the Depository Trust and Clearing Corporation (DTCC) stated that blockchain technology is a potential threat to global financial infrastructures. This was stated in the company’s annual Systemic Risk Barometer survey.

DTCC processes $1.61 quadrillion in securities annually. What’s interesting is that despite claiming that blockchain is a systemic risk to the financial institutions, DTCC is preparing to create its own blockchain solution.

One fifth of those surveyed for the DTCC report stated that financial technology innovations presented a systemic risk in 2019. Cybsersecurity was the chief concern of respondents, with 69% of respondents stating that cyber risks were a systemic threat.

This isn’t the first time the leader of a prominent financial organization gave a negative viewpoint on cryptocurrencies and blockchain. Kenneth Rogoff, a former chief economist at the International Monetary Fund, stated that investing in cryptocurrency would “pay off in a dystopian future where they are used in rogue and failed states.”

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